At a glance
- The borrower is a joint venture of PGIM, Stiles Corporation and Hensler Development.
- The loan is a three-year bridge with two one-year extension options, giving it a maximum term of five years.
- Blackstone did not disclose the spread on the bridge, the term allocators need to compare the credit.
Blackstone Real Estate Debt Strategies provided $310 million to refinance Peabody Union, a 665,000-square-foot office and residential tower in downtown Nashville, Commercial Observer reported, citing JLL. The borrower is a joint venture of PGIM, Stiles Corporation and Hensler Development.
The loan is a three-year bridge with two one-year extension options, giving it a maximum term of five years. JLL Capital Markets arranged the financing.
Blackstone did not disclose the spread on the bridge, the term allocators need to compare the credit.
Starbucks has committed to nearly 250,000 square feet of office space, with the lease beginning next year, JLL's Ed Coco said. Until then, debt service comes from the building's residential and retail income.
The 27-story building at 30-50 Peabody Street in the South Bank district was completed recently. It includes 355 residential units and 52,735 square feet of retail space set to open next year.
Reported by the Real estate debt desk from Commercial Observer and Private Wealth Daily archive. Published . Corrections